Australia-based dye-sensitized photovoltaics developer Dyesol has received $4 million from the Saudi Arabian titanium dioxide producer in the form of a 15 month redeemable loan note, convertible into Dyesol shares at $0.166 cents per share.
The two companies have laid out a six month exclusivity period in which they will consider partnership and investment opportunities, R&D collaboration and Middle Eastern demonstration projects, according to a statement released.
The investment may also be scaled up to $20 million during the exclusivity period, which would be convertible into $0.18 cents per share. If this occurs, the investment will require shareholder approval, as it would account for a 20% share of Dyesol.
Dyesol UK and Tasnee subsidiary Cristal have been working together since 2009 to develop nano-titania, a key material in the manufacture of Dyesols Dye Solar Cell (DSC) photovoltaic cells.
A further $2 million will be raised by Dyesol via a Share Purchase Plan (SPP) at 16.6 cents per share. "In addition," said the company, "Dyesol has investigated other non-dilutionary funding options in recent months, including Government clean energy funding programs, which will mean it is confident of fulfilling all its funding obligations in major projects during 2013 and beyond."
More details will be available next week, when pv magazine speaks to Dyesol about what the investment means for the company, and what specific plans are on the table.